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MediPrint™ Ophthalmics Announces Initial Series A Funding Success
SAN DIEGO–(BUSINESS WIRE) (March 15th, 2022) –Today, MediPrint™ Ophthalmics, an emerging San Diego-based clinical stage eye care pharmaceutical company focused on enhancing vision for life, announces the initial closing of a Series A round that exceeded $2.5 million, including from existing investors. There will be a subsequent close of this round, in Q2 2022, when the round is fully or over-subscribed. The funds raised in this Series A round are targeted primarily to support the upcoming Phase 2b clinical study along with the end of Phase 2 meeting with the FDA for its lead glaucoma asset. The funds will also be used to advance other products to clinical trials, most notably the dry eye asset.
Further, the Company is excited to announce the presentation of a poster highlighting the clinical results from its Phase 2a study at the American Glaucoma Society (AGS) annual meeting in March 2022. The poster covers the results of the Company’s SIGHT-1 Phase 2a clinical study in 2021. That study demonstrated the safety and tolerability of the Company’s lead asset, LL-BMT1, a weekly medicated contact lens releasing bimatoprost to treat open angle glaucoma and ocular hypertension. The study also saw a positive efficacy signal leading the Company to advance to a dose escalating Phase 2b clinical trial that is planned for 2022.
With the additional secured funding, as well as the poster’s reception by a leading eye care practitioner society, MediPrint’s platform drug delivery technology has now been further validated by both the investment and the eye care professional communities. The Company looks forward to continued product development as it works to bring novel treatment options to over 40 million contact lens wearers in the United States.
“I am thrilled to close the initial Series A financing tranche and to see our clinical data discussed at AGS,” stated Dan Myers, CEO, “And, considering the recent FDA approval of a major eye care company’s medication-releasing contact lens for allergy, there is a growing acceptance by regulators, investors, and eye care practitioners that medicated contact lenses are a viable, necessary treatment option for millions of patients. We are finally seeing the promise of drug-eluting contact lenses starting to be realized, and MediPrint is proud to be on the cutting edge of research in this field.”